September 21 (SeeNews) - Canada-based Medgold Resources has completed the planned drilling for 2018 at the Tlamino gold project in southern Serbia and approved a $2 million (1.8 million euro) budget for the project for next year together with its partner Fortuna Silver Mines, the company said.
Mineralisation has been confirmed over an area of 500 metres by 400 metres, with the main zone of mineralised hydrothermal breccia and alteration having excellent lateral continuity between drill holes with a thickness of up to 30 metres, Tlamino said in a statement earlier this week.
Drilling stepped to the west across the Barje project, systematically testing a large chargeability anomaly identified by an induced polarisation-resistivity geophysical survey completed in 2017. The anomaly measures 1,400 metres east-west by 400 metres north-south, and includes a second-order anomaly with a north-northeast axis overlying the Barje outcrop.
The results received to date demonstrate the gold anomalism is weakening as drilling moved to the west away from the high-grade drill holes announced in June which were collared near the Barje discovery outcrop, Medgold said.
"As our drilling has moved west, gold grades have declined, suggesting that the chargeability anomaly is not necessarily diagnostic of the presence of high-grade gold mineralization, but more indicative of a broad halo of disseminated sulphide mineralisation. The first 13 holes identified an extensive zone of high-grade gold-silver-base-metal mineralization at Tlamino with excellent continuity of mineralization from hole to hole and we’ll be looking at these over the winter to try to identify additional possible controls," Medgold president Dan James said in the statement.
Medgold will also be looking to test the open-ground between Barje and Liska, which are over 1 kilometre apart, and aligned on a north-northeast axis, for potential blind targets beneath a conglomeratic unit, James said.
The Tlamino project is located in southern Serbia, close to the borders of both Bulgaria and Macedonia, approximately five hours south of the capital, Belgrade. The project is comprised of two exploration licenses, Donje Tlamino and Surlica-Dukat, each approximately 100 square kilometres.
All exploration work at the project is fully-funded by Fortuna, which has an option to earn up to 70% of the project by spending $8 million on exploration over five years.
($ = 0.8765 euro)